News Online 25 Aug 2022
Bloomberg research compares gaming recoveries in different Asian markets
By Matthew Nicholson
During its G2E Asia presentation, Bloomberg showcased the ongoing recovery of the casino and resort market in Asia, which threw up some surprising results.
As APAC Gaming and Hospitality Analyst Angela Han Lee took to the stage, she began to break down what Bloomberg’s Intelligence division has seen since the pandemic brought the region to a standstill, and the parts showing the most promising growth compared to the pre-pandemic level of 2019.
Starting with the Philippines, Han Lee presented Bloomberg’s findings that, in 2020, the country posted a 39% comparison with 2019; which rose to 47% in 2021; and, thus far, in H1 2022, has already reached 79%. This marks a strong recovery for the market.
Meanwhile, in Singapore, the island saw a 41% comparison in 2020, bumping up by four to 45% in 2021. But it was in H1 2022 that it recorded a big leap of 68% on 2019 – with Han Lee saying Bloomberg expected Singapore’s gaming market to reach pre-pandemic levels by 2024.
However, while the Philippines and Singapore were steady, Macau and Phnom Penh showed far more unbalanced figures of recovery.
In the Chinese gambling hub, Macau posted a 21% 2020 recovery on 2019, rising to 30% in 2021. But, for H1 2022, it shrunk back to a low of 18%, which can be attributed to the struggling Chinese economy and effect of Covid lockdowns.
Finally, Phnom Penh, the capital city of Cambodia, showed an initial percentage drive of 51% in 2020, though that number nosedived to 13% in 2022, and has so far only reached 27% in H1 2022. These figures, again, correspond to the effects of the Covid-19 pandemic in the country.
Some of the recovery rates can also be tracked by the tax limits set in each country, with Macau imposing a high 40% standard rate for VIPs. While the Philippines, Singapore and Cambodia have far reduced, and variable, rates of tax for mass gamers and VIPs.
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